340 Fair Ave · San Antonio, TX 78223

$190,000

4 bd · 3.7 ba · 1,484 sqft · MultiFamily · 18 Days on market

Built 1925 10,010 sqft lot Est $229k · 17% under ↓ 10% since listing

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Rent growth +1.7/5.0
• Schools +1.4/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

3-unit, Multi-Family Home. For Sale by Owner. Unit 1: 2 bed, 1.5 bath, living room, kitchen, laundry room/storage room, driveway & back yard parking. Unit 2: 1 Bed, 1 bath, kitchen, laundry room/storage room, driveway & back yard parking. Unit 3 (studio apartment): 1 Bed, 1 Bath, Kitchen/Living room, Driveway parking. Easy highway access, located on Fair Ave & IH-37. Less than 10 Minutes from downtown. Asking price is negotiable. Sold AS-IS. Cash offers only. No contingencies, no wholesalers. Serious inquiries only!

Key facts

• Back yard parking
• Laundry room
• Easy highway access

Tags

• LAUNDRY ROOM
• DRIVEWAY PARKING
• BACK YARD PARKING
• EASY HIGHWAY ACCESS

Property features AI

Exterior

• Home design: Multi-family property
• Exterior features: Lot about 10,010 sq ft

What this means for you Summary

Snapshot

• This is a 1×2.0bd/1.5ba + 1×1.0bd/1.0ba + 1×1.3333333333333333bd/1.2ba units multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $847 ($10k/yr) — positive. Per door: $282/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $190k).
• Recommended offer: $187k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.6% vs local median 3.8% in San Antonio — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 80/100 on livability (#31 in TX, #1,616 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: schools C-, crime F.
• San Antonio ISD (urban): math 12% / reading 22% proficiency, ranked #805 of 826 in TX (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 80% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents falling (-3.4%/yr); 325 active listings in the ZIP; 35 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 8,308 units permitted in Bexar County in 2024 (2,506 in 5+ unit buildings).
• At $2,734/mo this rent would consume 63% of the median local household income ($52k/yr) (locally 2809% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Bexar County population projected at +50% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $53k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($187k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $187,150 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.44% ✓
• Cap rate: 11.64%
• Cash-on-cash: 19.10%
• DSCR: 1.85
• GRM: 5.8

CMA / ARV

• ARV (on-the-fly): $228,536
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4611 Hackberry	0.46mi	3/2.0 (-1)	1,296 (-13%)	5mo	$200,000	$154	42

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 7.6%
• Equity multiple: 1.29×
• Total profit: $15,175
• Equity at exit: $28,330

10-year hold

• IRR: 14.1%
• Equity multiple: 1.97×
• Total profit: $51,866
• Equity at exit: $16,428

Cash invested: $53,200 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Texas: 87 Strongly Landlord-Friendly · R+5
• County: — inherits STATE
• City: — inherits STATE

3-day notice; statewide preemption; one of the fastest eviction climates; Travis County (Austin) slightly slower.

Methodology + full state rankings →

ZIP-level market 78223

• Home prices YoY: -16.4%
• Rents YoY: -3.4%
• Active inventory: 325
• Price-to-rent: 15.2×

Monthly cashflow live

• Estimated rent: $2,734 medium
• Mortgage (P&I): −$996
• Tax est. 1.5%: −$238 /mo · $2,850/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$574
• Net cashflow: $847

Break-even live

Break-even rent $1,662

Max offer price $190,000

Occupancy floor 64%

Sensitivity live

Price	-10% $978	-5% $912	+0% $847	+5% $781	+10% $716
Rent	-10% $631	-5% $739	+0% $847	+5% $955	+10% $1,063
Rate	-1.0pp $942	-0.5pp $895	base $847	+0.5pp $798	+1.0pp $747

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	2.0	1.5	$1,043
1× unit	1.0	1	$846
1× unit	1.3333333333333333	1.2	$846
Total (3 units)			$2,734

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 35 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
534 Chicago Blvd Unit NA San Antonio, TX	3.0	2.0	1250	$1,550	$1.24	18d	1	0.16mi
534 Chicago Blvd San Antonio, TX	3.0	2.0	1250	$1,550	$1.24	20d	1	0.16mi
518 Topeka Blvd San Antonio, TX	3.0	2.0	1135	$1,375	$1.21	24d	1	0.19mi
134 Lilla Jean Dr San Antonio, TX	3.0	2.0	1349	$1,595	$1.18	24d	1	0.23mi
123 Fairview Ave #3 San Antonio, TX	3.0	2.5	1776	$1,800	$1.01	44d	1	0.31mi
125 Ada St Unit 1 San Antonio, TX	3.0	1.0	1563	$1,295	$0.83	44d	1	0.32mi
1510 Steves Ave San Antonio, TX	3.0	2.0	1330	$1,800	$1.35	24d	1	0.50mi
1039 McKinley Ave San Antonio, TX	3.0	3.0	1650	$2,300	$1.39	2d	1	0.58mi
220 Hansford St San Antonio, TX	3.0	2.0	1269	$1,600	$1.26	4d	1	0.66mi
515 Stratford Ct Unit NA San Antonio, TX	3.0	1.0	895	$1,550	$1.73	44d	1	0.72mi
517 Hicks Ave San Antonio, TX	3.0	2.0	1520	$1,700	$1.12	44d	1	0.73mi
142 Avant Ave #1 San Antonio, TX	3.0	1.0	1314	$1,495	$1.14	18d	1	0.74mi
414 Stanfield Ave San Antonio, TX	3.0	1.0	1250	$1,300	$1.04	44d	1	0.75mi
454 Bailey Ave San Antonio, TX	3.0	2.0	1674	$1,495	$0.89	44d	1	0.78mi
331 Avant Ave San Antonio, TX	3.0	2.0	1200	$1,825	$1.52	24d	1	0.82mi
1444 McKinley Ave San Antonio, TX	3.0	2.0	1618	$2,500	$1.55	24d	1	0.86mi
2914 Roosevelt Ave San Antonio, TX	1.0–3.0	1.0–2.0	868	$1,469	$1.69	44d	1	0.92mi
927 Vfw Blvd San Antonio, TX	1.0–3.0	1.0–2.0	937	$1,280	$1.37	4d	28	0.92mi
1050 Vanderbilt St San Antonio, TX	4.0	2.0	1508	$1,850	$1.23	24d	1	0.98mi
312 Avondale Ave San Antonio, TX	3.0	3.0	1757	$2,000	$1.14	17d	1	1.01mi
1124 Vanderbilt St San Antonio, TX	3.0	1.0	1095	$1,350	$1.23	44d	1	1.06mi
1627 Schley Ave San Antonio, TX	3.0	1.0	1408	$1,650	$1.17	24d	1	1.09mi
534 Rigsby Ave San Antonio, TX	3.0	2.0	1438	$1,950	$1.36	24d	1	1.09mi
636 Rigsby Ave San Antonio, TX	3.0	1.0	1327	$1,595	$1.20	44d	1	1.16mi
119 W Drexel Ave San Antonio, TX	4.0	2.0	1592	$1,400	$0.88	44d	1	1.18mi
242 Glamis Ave San Antonio, TX	4.0	2.0	1464	$1,900	$1.30	11d	1	1.24mi
511 E Sayers Ave San Antonio, TX	4.0	2.0	1748	$1,675	$0.96	24d	1	1.26mi
311 Glamis Ave San Antonio, TX	3.0	1.0	1100	$1,295	$1.18	4d	1	1.27mi
311 Glamis Ave Unit 2 San Antonio, TX	3.0	1.0	900	$1,395	$1.55	44d	1	1.27mi
311 Glamis Ave Unit 1 San Antonio, TX	3.0	2.0	1200	$1,395	$1.16	44d	1	1.27mi
1007 Avant Ave San Antonio, TX	3.0	2.0	1632	$3,200	$1.96	24d	1	1.34mi
531 Essex St Unit 202 San Antonio, TX	3.0	2.5	1514	$2,000	$1.32	24d	1	1.39mi
534 Cosgrove St San Antonio, TX	3.0	2.0	1430	$1,875	$1.31	44d	1	1.41mi
627 Essex St San Antonio, TX	3.0	2.5	1402	$1,850	$1.32	24d	1	1.42mi
3815 Bremen Ave San Antonio, TX	3.0	2.0	1590	$1,495	$0.94	24d	1	1.47mi

Listing history 3 events

1. 2026-01-30
   historical Under Contract
2. 2026-01-22
   price $190,000
3. 2026-01-12
   listed $210,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥108°F today · 22 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,808
• − Mortgage interest: −$10,643
• − Property taxes: −$2,850
• − Insurance: −$950
• − Repairs & maintenance: −$2,625
• − Management: −$2,625
• − Depreciation: −$5,527
• Taxable income: $7,588
• Est. tax owed @ 24.0%: −$1,821
• After-tax cash flow: $8,341/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: San Antonio ISD
• NCES district ID: 4838730
• Math proficiency: 12% ▼ -21.00%
• Reading proficiency: 22% ▼ -7.00%
• Median HH income: $30,952
• Composite: 13.57/100
• National rank: #9512
• State rank: #805 of 826 in TX

Livability — San Antonio

• Score: 80/100
• State rank: #31
• US rank: #1616

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime F Employment C Housing A+ Health & safety A+ User ratings D

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Antonio, TX
• County: Bexar County · 1,990,555 people
• City population: 1,806,925
• Metro: San Antonio-New Braunfels, TX
• Population (ZIP): 58,983
• Household income: $52,088
• Rent vs Own: 42.4% rent · 57.6% own
• Severe rent burden: 2809.0

Population outlook (Bexar County) Hauer SSP2

• Today (2025): 2,336,851 people
• By 2030: 2,560,728 · +9.6%
• By 2040: 3,020,569 · +29.3%
• By 2050: 3,493,522 · +49.5%
• By 2075: 4,668,459 · +99.8%
• By 2100: 5,533,242 · +136.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (76%)
• Race & ethnicity: Hispanic / Latino 76% Two or more races 28% White 16% Black 5% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 67%
• Common ancestry: Lithuanian 2% Romanian 1% Slovak 1%
• Foreign-born: 10% · Canada, Vietnam
• Languages at home: 63% English-only · Spanish 36%

Political lean MEDSL · Bexar

• 2024 margin: Lean D (+9.8) · D 54.3% · R 44.6% · Other 1.1%
• 2008→2024 swing: +4.2pp toward D · 2008: 5.6pp · 2024: 9.8pp
• All cycles: 2024: D+9.8 2020: D+18.2 2016: D+13.5 2012: D+4.6 2008: D+5.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -52.06%
• Current HPI: 265.2235
• Rent YoY: ▼ -3.36%
• Metro: San Antonio-New Braunfels, TX
• State GDP YoY: ▲ 3.95%
• F500 in state: 110

Industry mix (Fortune 500 HQ in TX)

Industry	F500 HQs	Revenue
▸Energy	16	$1,198B
▸Technology	5	$198B
▸Engineering / Construction	4	$72B
▸Energy Services	3	$60B
▸Utilities	3	$41B
▸Healthcare	2	$330B

Price history

-9.5% since first listed

3 events — show timeline

• 2026-01-30 Contingent — ForSaleByOwner.com
• 2026-01-22 Price Changed $190,000 ForSaleByOwner.com
• 2026-01-12 Listed $210,000 ForSaleByOwner.com